Indonesia September Minas crude set at $32.95-bbl, up $3.00

Indonesia's crude pricing index for September Minas is unofficially set at $32.95 a barrel, up $3.00 from the August index, according to the Tokyo-based Pacific Petroleum & Trading Co., an affiliate of Indonesia's state-owned Pertamina (P.PTM).

The Indonesian Crude Price, or ICP, for its other crude grades are unofficially priced up $2.65 to $3.00 from August levels, with the September ICP for Duri at $31.46/bbl.

Pertamina has yet to approve the industry calculations as official Indonesian crude price figures. The company usually adopts the prices indicated by its own formula several weeks after the unofficial prices are calculated.

Pertamina sets the prices of its crudes each month retroactively based on a crude pricing formula of 40% of the monthly average of Rim Intelligence Co.'s price for the crude, 40% of the average of Platt's price assessments and 20% of the average of the Asian Petroleum Price Index.

The prices for the other Indonesian crudes a barrel in September are as follows:

Sep    Chng From Aug
Duri     $31.46    +$3.00
Cinta    $32.11    +$2.86
Widuri   $32.21    +$2.85
Attaka   $33.86    +$2.68
Arjuna   $33.36    +$2.65
Belida   $33.78    +$2.66
Arun     $33.78    +$2.91
Lalang   $33.00    +$3.00